Re-creating Ghana | 2024

T3: NATURAL RESOURCE TRANSFORMATION

Ghana must become the real owners of Ghana's wealth

Gold bars stacked

Ghana has been blessed with an abundance of natural resources. There is enough under the ground we are walking on daily, to make Ghana one of the richest countries in the world.

Unfortunately, due to the past agreements, signed between successive Ghanaian leaders and their foreign partners, most of our thirty-four million Ghanaians receive only a very small part of this wealth. Most of it goes to foreigners and big elders who signed the agreements.

The Natural Resource Transformation will change this. A PAG Government will transition the ownership of Ghana's natural resources to Ghanaians and will justly reward foreigners for their skills and expertise. Ghanaians will become the rightful owners and beneficiaries, at last, of all the wealth that we have in this country.

We will turn our abundant resources in technical, financial and environmental areas to make the release of wealth from our land a positive and enriching experience for all the thirty-four million Ghanaians to share in equally.

"Every year, the vast majority of Ghana's natural wealth is stolen. The country is among the largest exporters of gold in the world, yet - according to a study by the Bank of Ghana - less than 1.7 percent of global returns from its gold make their way back to the Ghanaian government. This means ..."

Progressive Alliance for Ghana (PAG)
Oil rig in the ocean

GOLD

In 2023, gold mining companies in Ghana produced and sold US$ 5.53 billion worth of gold (10.58 million ounces). After debt offset, we only received 1.71% of the total money made from our mines back into Ghana.

  • This came to only 0.16 of a billion US$ (GHC 2.4 billion) back into Ghana. ("TWI BERMA")
  • If we charged 10% (round) with our trade in gold alone, we would not need to go begging for the US$ 3 billion IMF loans and the troubles they take us through to grant these loans.

OIL

Between 2010 and 2021, the sale of oil from our three oil fields came to the massive amount of US$ 31.62 billion.

  • Ghana however received only 17% of this money (only US$ 5.55 billion).

Warning: that the remaining 83% is robbed by outside entities — mainly multinational corporations. In other words, of the US$ 5.2 billion of gold produced from 1990 to 2002, the government received only US$ 87.3 million in corporate income taxes and royalty payments. ("Oduro de Ghre, TWN")

Progressive Alliance for Ghana (PAG)